State-run insurance giant LIC has
lowered its exposure in 17 blue-chip firms, with sale of shares worth an
estimated amount of over Rs 8,800 crore, in the quarter ended March 31, 2013.
Life Insurance Corporation of India's holding increased in nine Sensex
companies during the January-March 2013 quarter, showed an analysis of the
shareholding pattern of Sensex constituents. Individually, LIC reduced its
stake in Reliance Industries, Infosys, ONGC, State Bank of India, HDFC Bank,
ICICI, Tata Steel, Tata Motors, among others during three months ended March
31, 2013. At current share prices, LIC offloaded shares worth Rs 8,865 crore in
a total of 17 Sensex constituents. The Sensex fell by 591 points or three per
cent during the March quarter. Besides, LIC also trimmed holdings in auto
companies --Bajaj Auto, Mahindra & Mahindra and Maruti Suzuki--, drug firms
--Sun Pharma and Cipla--, Hindustan Unilever and Larsen & Toubro. Infosys,
Sun Pharma and Tata Motors saw LIC reducing its exposure by over 1 percentage
point, while the state-run insurer's stake in NTPC, Hero MotoCorp and Coal
India increased by at least one percentage point. LIC is estimated to have
purchased shares worth about Rs 6,200 crore in nine blue-chip companies,
resulting in a net outflow of over Rs 2,665 crore in all the Sensex firms
together. It ramped up its stake in Bharti Airtel, Hero MotoCorp, Wipro,
Hindalco, NTPC, GAIL, Coal India, ITC and HDFC. LIC's stake in two companies -BHEL
and Sterlite- remained unchanged during January-March period from the level
seen in the preceding quarter. The insurer did not hold any stake in Jindal
Power Steel in the last two quarters and data for one company was not
available.
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